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Dh50.6 billion worth of projects announced in GCC in July

Projects worth $13.8 billion (Dh50.6 billion) were announced across the GCC in July 2019, registering 140 per cent growth month-on-month with the energy sector registering the highest value in terms of new project announcements worth $9.2 billion, according to BNC Projects Journal.
The energy sector also led contract awards with $3.7 billion in awards, and project completions during the month, equalled 90 per cent of project completions seen during the whole of Q2 2019.
Saudi Arabia awarded projects worth $3.3 billion and Oman announced new projects worth $5 billion in July.
The UAE registered project completions worth $7 billion, followed by Saudi Arabia with $ 3.7 billion. Although there was an increase in project completions month-on-month, completions were 20 per cent lower than the monthly average this year.
"GCC's project market fared surprisingly well in July, considering the annual summer slowdown," said Avin Gidwani, CEO of Industry Networks.
Urban construction contract awards tripled in July compared to $1 billion awards in June primarily driven by the UAE which contributed around 65 per cent of the urban contract awards last month.
"We expect activity to ramp up significantly in the coming months," added Avin Gidwani.
- waheedabbas@khaleejtimes.com